BLEST(SH:603959) Zheng Quan Zhi Xing·2025-06-27 16:26Core Viewpoint - The company received a shareholder inquiry letter from the China Securities Investor Service Center regarding the formation of bad debts and the measures taken to recover them, particularly focusing on three major clients: Shanxi Lubao Xinghai New Materials Co., Ltd., Shandong Tengzhou Ruida Chemical Co., Ltd., and Liaoning Yuantai Petrochemical Co., Ltd. [1][2][3] Group 1: Bad Debt Formation and Recovery Measures - The company has recognized significant bad debts totaling approximately 537 million yuan from three clients, with specific provisions made for each client: Shanxi Lubao (166 million yuan), Shandong Tengzhou Ruida (173.59 million yuan), and Liaoning Yuantai (197.62 million yuan) [2][3][4] - The company has taken various measures to recover these debts, including legal actions and negotiations with the debtors, but has faced challenges due to the financial instability of these clients [20][21][22] - The company has reported that as of the end of 2023, it is still pursuing recovery of outstanding amounts, including 99.03 million yuan in performance compensation from Chongqing Xinghai, which has not been paid as per the agreement [19][20] Group 2: Client-Specific Issues - Shanxi Lubao's financial difficulties began in 2019, leading to a 90% provision for bad debts due to its inability to repay commercial acceptance bills [6][7][8] - Shandong Tengzhou Ruida has shown no repayment capability, with the company initiating legal proceedings to recover the owed amount, which has been complicated by ongoing disputes over the settlement amount [20][21] - Liaoning Yuantai has declared bankruptcy and is undergoing restructuring, complicating the recovery of the 197.62 million yuan owed to the company [14][22]